SASKATOON, Saskatchewan - Draganfly Inc. (NASDAQ: NASDAQ:DPRO) (CSE: DPRO) (FSE: 3U8A), a developer of drone solutions and systems, announced the release of its APEX Drone, targeting military and law enforcement surveillance needs. The APEX UAV is a compact adaptation of the Commander 3XL, designed to be transportable and modular without compromising on performance.
The APEX drone, manufactured in North America, adheres to the stringent standards required for government and military applications. It boasts up to 45 minutes of flight time and a payload capacity of 5 pounds. Its quick-release, exchangeable payload system is engineered for rapid adaptability in various operational scenarios.
Enhanced with optional upgrades, the APEX drone offers Nvidia (NASDAQ:NVDA) onboard computing for AI tasks and real-time data processing. Communication options include COFDM and multi-channel capabilities to maintain control and communication even in areas with radio-frequency challenges.
This new UAV will make its global debut at the Land Forces Conference in Melbourne, Australia, from September 11-13, 2024. The conference is a key event for military leaders and industry experts, providing Draganfly with an opportunity to showcase the APEX's capabilities to the Asia-Pacific defense sector.
Cameron Chell, CEO of Draganfly, stated, "The APEX represents a significant advancement in our drone technology, delivering a compact yet powerful solution that directly addresses the needs of our military and law enforcement partners."
Draganfly, with over 25 years of experience, is recognized for its innovative solutions across various markets, including public safety, agriculture, and industrial inspections. The company's mission focuses on delivering services that save time, money, and lives.
The information in this article is based on a press release statement from Draganfly Inc. It should be noted that forward-looking statements in the press release involve risks and uncertainties that could cause actual results to differ materially from anticipated outcomes.
In other recent news, Draganfly Inc. reported a significant increase in its Q2 2024 earnings, with organic revenue reaching $1.7 million, marking a 30% surge from the previous quarter, and a gross profit of $461,000. The company also secured approximately $2 million in funding through a unit sale to an institutional investor, with Maxim Group LLC serving as the placement agent. In addition, Draganfly confirmed its previously announced share consolidation, which will take effect in September 2024, as part of strategic efforts to align its share structure.
H.C. Wainwright recently updated its outlook on Draganfly, raising the price target significantly and maintaining a Buy rating on the stock. This followed Draganfly's announcement about receiving a purchase order from Virtual Reality Rehab Inc. for its Commander 3XL and Draganfly Flex (NASDAQ:FLEX) FPV Drones, intended for deployment within the U.S. Department of Defense. The firm suggests that the path to profitability for Draganfly will become more evident as the company begins to scale its revenue in the second half of 2024 and into 2025.
Furthermore, Draganfly welcomed three new board members, including Thomas Modly, former Under Secretary and Acting Secretary of the U.S. Navy. The company was also chosen by Mass General Brigham for drone delivery programs and signed a distributor in Australia, targeting military applications representing a $20 billion market opportunity. Despite a challenging market and a working capital deficit of $3.7 million, Draganfly maintains an optimistic outlook for future growth, expecting to reach full production capacity by the end of 2024. These are the recent developments in Draganfly's operations.
InvestingPro Insights
As Draganfly Inc. (NASDAQ: DPRO) continues to innovate in the drone technology space, its financial health and market performance are critical for investors to monitor. According to InvestingPro data, Draganfly's market capitalization stands at a modest $7.52 million, reflecting the size and scale of the company within the competitive tech landscape.
InvestingPro Tips suggest that while Draganfly holds more cash than debt on its balance sheet, which is a positive sign for financial stability, analysts are not expecting the company to be profitable this year. This is a crucial consideration for investors looking at the long-term viability of Draganfly, especially as it seeks to expand its reach in military and law enforcement markets with the new APEX drone.
Moreover, Draganfly's stock price has faced significant headwinds, with a 1-month price total return of -19.2% and a 3-month price total return of -65.6%. This volatility is underscored by an InvestingPro Tip highlighting that the stock generally trades with high price volatility. Investors may view the current lower stock price as an entry point, especially if they believe in the company's growth prospects with the introduction of products like the APEX drone. However, the potential for further price swings should be carefully considered.
For those interested in a deeper dive into Draganfly's financials and market performance, there are additional InvestingPro Tips available at https://www.investing.com/pro/DPRO, providing more nuanced insights into the company's operations and stock behavior.
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